Machinery/Industrial Goods

Caterpillar profit beats estimates but sales lag

NEW YORK (MarketWatch) -- Caterpillar Inc.
CAT, -2.75%
said it earned $999 million, or $1.57 a share, in the second quarter, up from $960 million, or $1.45 a share, in the same period a year ago. Excluding restructuring costs, per-share earnings came to $1.69, ahead of the FactSet consensus of $1.51. Sales totaled $14.15 billion, down from $14.62 billion a year ago, and below the FactSet consensus of $14.45 billion. "We increased the bottom line despite a weak quarter for our Resource Industries segment, which is principally mining," Chief Executive Doug Oberhelman said in a statement. The company is now tightening its sales outlook for 2014 to a range of $54 billion to $56 billion, from a prior outlook of $56 billion, plus or minus 5%. but it is raising its per-share earnings outlook to $5.75 a share from an earlier $5.55. Excluding restructuring costs, the full-year outlook is for $6.20 a share. Shares slid 1.5% in premarket trade.

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